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I recently completed my PhD thesis in the Department of Economics and Finance at the City University of Hong Kong, where I am currently a Graduate Teaching Assistant. My primary research interests include International Economics, Fintech, and Empirical Macroeconomics. My research publications have appeared in the Journal of International Trade and Economic Development and the International Trade Journal.
Despite the growing global interest in cryptocurrencies, the primary factors driving their adoption remain uncertain, as does their potential for generating long-term economic value beyond speculative use. In my job market paper, I explore the macroeconomic drivers of cryptocurrency adoption across 118 countries. I identify key factors such as decentralized finance (DeFi), inflation volatility, stock market volatility, GDP per capita, and security fragility, with DeFi exerting the most significant influence. Crucially, I find that a portion of the rise in cryptocurrency adoption is linked to real economic issues like financial exclusion and distrust in the banking system, facilitated by increased DeFi activity. This suggests that cryptocurrencies could foster long-term economic value, particularly in countries with high rates of financial exclusion and lower trust in banks. Additionally, I observe that inflation and stock market volatility induce investors to turn to cryptocurrencies as a hedge, corroborating the recent surge in adoption amid heightened global economic uncertainty. Moreover, the paper uncovers significant variations in cryptocurrency adoption across different income levels and regions, underlining the importance of nuanced policy-making that reflects this heterogeneity.